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Physical Gold Responding to Predictions for Gold Investment

April 8, 2013 - The price of gold gained 1.7 percent, $26.45, on Friday in the biggest one day gains in the market since November following the release of a surprisingly lackluster U.S. jobs report that indicated only 88,000 jobs, half the projected number, were added to the U.S. economy in the month of March.

Additionally, investors watching the recovery process in the U.S. and looking to where gold would go next encountered the geopolitical uncertainties currently supporting the gold price.

On Thursday, the Bank of Japan announced plans to pump large amounts of money into the financial system in order to boost lending and kick-start growth. The Bank wants to double the money supply and push inflation over 2 percent over the next two years.

Monetary easing, beginning with the Federal Reserve’s quantitative easing program, has been a main pillar support of the gold market over the past five years. Investment demand combined with fears of inflation inherent in the easing program have contributed to push price of gold from $681 per troy ounce in October of 2008 to $1,921 per troy ounce in September of 2011. That support remains in place and the recent U.S. jobs report has given investors confidence it will be with us for some time.

A spokesperson for Physical Gold Ltd, a leading UK gold dealer, said with the global economy still making attempts to recover and key economies keeping up monetary easing policies, gold should still be supported for the time being. He added gold is expected to reach $1,800 per troy ounce before the end of the year with gold investment remaining a sensible option as a hedge against inflation.

Physical demand for U.S. gold and silver bullion coin has been at record-shattering levels since the start of the year. Currently, the U.S. Mint has reported that it has surpassed the milestone of 15 million ounces of silver ordered by authorized distributors occurring earlier this year than in any year of the coin’s 27-year history.

The record demand for American Silver Eagles, which forced the Mint to temporarily suspend sales in the month of January, followed by the institution of an allocation or rationing program, continues, though it is somewhat abated in the wake of recent financial news that has left the market looking for fundamental influences.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

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